CLEVELAND, OHIO, August 15, 2013: AlgiSys has closed its Series A offering and raised an initial total investment of over $6 million in an equity transaction in order to continue the development of its technology. “Our organism and fermentation process is highly complex, yet provides significant amounts of lipids containing Omega-3 EPA oils,” according to Chief Technology Officer, Dr. Charles Roe. Due to the need for additional funding, AlgiSys will immediately begin its next capital raise that will enable it to focus on the completion of its intensive efforts with R&D, scale up and technology commercialization in order to take advantage of the tremendous opportunities in the omega-3 markets. Michael LoPresti, the CEO of AlgiSys, commented that “We are looking for an investment group with the level of sophistication and commitment needed to bring us to a final commercialization level and take advantage of opportunities as they arise.”
Since receiving initial funding, AlgiSys has made significant progress in the commercial scale up of its technology. Mr. LoPresti remarked, “Our funding partners have enabled us to accelerate our entry into the market and establish AlgiSys as a player in the vegetarian omega-3 space. To help ensure our success, we have developed state-of-the-art algal technology, assembled a world-class management team, identified contract manufacturing options, and established customer relationships in a market that is experiencing double digit annual growth.” AlgiSys was founded in 2009 by Mr. LoPresti and Dr. Roe to commercialize 12 years’ worth of algae research into the production of EPA omega-3 fatty acids.
Michael Finn (VP of Business Development), who assisted in leading negotiations on the recent infusion of capital, commented, “We continue to be very excited about the market opportunities and look forward to meeting the challenges ahead as we enter this multi-billion dollar marketplace.” Mr. Finn has over 30 years of experience in raising venture capital and coaching early stage companies. AlgiSys has received additional coaching and support from Barry Rosenbaum and Gordon Schorr of the Akron ARCHAngels, Dr. Glen Gaughan and Meg Groh of BioEnterprise, and Anthony Margida of the Akron Global Business Accelerator.
Contact: Michael LoPresti, CEO, at firstname.lastname@example.org.